Thimble Business Insurance 2022 Review: Pros, Cons, Alternatives - NerdWallet

Thimble Business Insurance 2022 Review: Pros, Cons, Alternatives – NerdWallet

Thimble is an online insurance agent that sells coverage by the month, day or hour to people who need business insurance fast. Its policies are underwritten by other insurance companies, not Thimble itself.

Thimble is a convenient option for businesses that need coverage quickly or temporarily. It’s also useful to business owners who hire contractors; you can use Thimble to spell out insurance requirements for the people you’re hiring, and they can purchase it through Thimble.

That said, because Thimble doesn’t underwrite its policies, you’ll have to file claims with a different insurance company. Plus, Thimble customer support is only available online. Consider alternatives if you want to be able to ask questions over the phone, whether that’s while you’re shopping or after you’ve purchased a policy.

Thimble insurance: Pros and cons

Can get a quote and purchase insurance online in minutes.

Claims must be filed by email or phone with the insurance company that underwrites the policy.

Contractors and the people managing them can use the Certificate Manager to verify that insurance is contractually compliant, or to purchase coverage that is contractually compliant.

Customer support is only available online.

Monthly, daily and even hourly coverage available. 

Business insurance available from Thimble

You can purchase the following types of business insurance from Thimble:

  • General liability insurance.

  • Business owner’s policy, or BOP, with optional add-ons such as business interruption insurance, equipment breakdown insurance, and hired and non-owned auto insurance.

  • Commercial property insurance.

  • Event liability insurance.

  • Workers’ compensation insurance.

Most other types of coverage are available in almost every state except New York.

Thimble general liability insurance

General liability insurance protects businesses in case of third-party injury or property damage, and it’s a kind of insurance that all businesses should have. General liability insurance from Thimble can include some product liability coverage, depending on your industry.

Thimble doesn’t underwrite its own general liability policies, nor does it handle general liability claims. To file a claim, you’ll need to reach out to your underwriter — either Markel Insurance Company or National Specialty Insurance Company — by email or phone.

Thimble’s general liability insurance starts at $17 per month, and the average business owner pays $42 per month, according to the company.

Thimble drone insurance

Thimble started as a drone insurance company in 2016, then expanded to cover other services. Its original drone insurance product, Verifly, is still available.

Drone pilots can download the Verifly app, provide some information about an upcoming flight, and purchase coverage for one, four or eight hours. This coverage is available on demand or in advance for flights up to 60 days out.

Thimble event insurance

If you need insurance coverage for an event lasting up to two weeks, Thimble’s event insurance may be a good fit.

Thimble event insurance includes event liability insurance and liquor liability insurance. The former pays out to cover legal fees and damages for bodily injuries and property damage sustained by attendees, other vendors or the venue. The latter covers legal fees and damages that arise from alcohol consumption.

Event insurance policies cost $200 on average for a one-day event, the company says, though prices can vary depending on how many people will attend, whether alcohol will be served and other factors.

How to get Thimble insurance

You can purchase business insurance policies online through Thimble. Coverage can begin the same day.

When you tell Thimble what industry you work in, the company will recommend certain types of coverage. After you choose which ones you want, you can increase or decrease your policy limits.

If you elect to pay premiums annually instead of monthly, you may be able to save money. You can also add additional insureds to your policy before completing your purchase.

Who is Thimble insurance a good fit for?

Thimble’s flexible, easy-to-buy commercial insurance policies are a good fit for small businesses that need insurance coverage on the fly. It’s particularly well-designed for situations like:

If you get last-minute bookings: Thimble offers insurance packages for all kinds of entertainers and event-based service providers, from wedding planners to DJs to Santas. Drone insurance is available on demand and by the hour, so you can purchase coverage before a shoot and not worry about having to cancel it when you’re finished.

If you hire and manage contractors: Thimble’s Certificate of Insurance Manager is a free portal where you can send your insurance requirements to your contractors and ask them to upload certificates of insurance verifying their compliance. If contractors don’t already have compliant policies, Thimble will recommend policies that they can purchase on the website or in the app, including policies designed for vendors and sold by the hour and the day.

If your company is small: The bigger your business, the less likely that Thimble will be a fit. Thimble offers workers’ comp in a handful of states only. If you earn more than $10 million in revenue or have more than 50 employees, you’re not eligible for a BOP from Thimble. Plus, the larger your business, the more likely you are to have a need for filing a claim or talking to your insurance company’s customer service department — and Thimble is limited in both ways.

Alternatives to Thimble insurance

Thimble isn’t the first insurance startup to focus on selling business insurance online. Alternatives include:

If you want an online insurance company that handles its own claims: Try Next Insurance for a quick purchase process and online access to your certificate of insurance. Next also underwrites many of its own policies and handles its own claims, promising resolution of most claims within 48 hours.

If you want to work with a long-standing company: biBERK, a division of Berkshire Hathaway, sells business insurance policies online. Like Next, biBERK handles its own claims. Just make sure the coverage you need is available in your state.

If you run a larger company or need specialized types of insurance: You’ll probably want to work with a more hands-on business insurance provider. Consider State Farm, which finished near the top of J.D. Power’s commercial insurance customer satisfaction rankings in 2021. The company offers limited online access, but you’ll work one-on-one with an agent who can offer you a wide variety of coverage options tailored to your needs.

If you have time to shop around, you should. Comparing quotes from multiple providers can help you find the best coverage for the best price.

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